Corporation, creation of, purpose - organization, nonprofit - tax-exempt status.
Mo. Rev. Stat. § 238.307
in effect238.307. Corporation, creation of, purpose — organization, nonprofit — tax-exempt status. — 1. A corporation may be created to fund, promote, plan, design, construct, maintain, and operate one or more projects or to assist in such activity.
2. The corporation shall be a nonmember, nonstock corporation. It shall be organized under and governed by sections 238.300 to 238.360 and by the provisions of the general not-for-profit corporation law, chapter 355 . Any provision of sections 238.300 to 238.360 shall take precedence over any conflicting provision of chapter 355 .
3. No part of the earnings or assets of a transportation corporation shall inure to the benefit of any private interests, person, or entity.
4. Property held by and activities of a corporation created under the provisions of sections 238.300 to 238.360 exist and are conducted for purely civic, social welfare, and charitable purposes. A transportation corporation shall be exempt from taxation in accordance with Article X, Section 6 of the Missouri Constitution. The corporation shall not be required to pay any taxes or assessments upon or with respect to a project or property acquired or used by the corporation or upon income therefrom.
(L. 1990 S.B. 479 & 649 § 13) Effective 5-30-90
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://revisor.mo.gov/main/OneSection.aspx?section=238.307Fetched: 10/17/2026